Antler Fabric Printers (PVT) LTD 2016

Antler Fabric Printers (Pvt) Ltd
STATEMENT OF COMPREHENSIVE INCOME

Year ended 31 March 2016
Note 2016 2015

Rs. Rs.
Revenue 3 1,490,956,017 1,180,649,451
Cost of Sales (1,027,705,707) (909,447,525)
Gross Profit 463,250,310 271,201,926
Other Income and Gains 6,265,405 3,436,763
Business Development Cost (171,713,357) (73,860,740)
Administrative Expenses (256,355,760) (246,262,578)
Finance Cost 14.1 (33,292,794) (30,610,338)
Finance Income 14.2 12,254,527 10,744,026
Exchange Gain on Conversion of Foreign Currency (2,579,085) 4,794,205
Profit/ (Loss) Before Tax 17,829,246 (60,556,736)
Income Tax Expense 16 (2,150,578) 6,972,463
Profit/ (Loss) for the Year 15,678,668 (53,584,273)
Other Comprehensive Income - -
Total Comprehensive Income for the Year, Net of Tax 15,678,668 (53,584,273)
Earnings Per Share 5.65 (19.31)
The accounting policies and notes on pages 7 through 23 form an integral part of the Financial Statements.
-3-
STATEMENT OF FINANCIAL POSITION
As at 31 March 2016
Note 2016 2015

ASSETS Rs. Rs.
Non-Current Assets
Property, Plant and Equipment 4 694,045,702 734,309,311
Intangible Assets 5 453,430 1,421,670
Deferred Loss on Sale and Lease Back 19 - 901,316
Loans Recievables 6 233,532,029 71,980,453
Deferred Tax Asset 16 2,666,847 -
930,698,008 808,612,750
Current Assets
Inventories 7 48,981,354 59,184,199
Trade and Other Receivables 8 199,948,902 211,229,530
Income Tax Receivable - 3,527,246
Other Financial Instruments 9 69,013,046 51,616,991
Cash and Bank Balances 18 22,899,392 47,033,055
340,842,694 372,591,021
Total Assets 1,271,540,701 1,181,203,771
EQUITY AND LIABILITIES

Equity Attributable to Equity Holders
Stated Capital 10 99,250,000 99,250,000
Retained Earnings 450,354,733 465,201,064
Total Equity 549,604,733 564,451,064
Non-Current Liabilities ###

Interest Bearing Loans and Borrowings 11 166,292,198 94,010,645
Retirement Benefit Liability 12 64,630,988 58,228,100
230,923,186 152,238,745
Current Liabilities ###
Trade and Other Payables 13 168,874,220 162,161,706
Interest Bearing Loans and Borrowings 11 320,848,384 302,352,256
Income Tax Payable 1,290,179 -
491,012,783 464,513,962
Total Equity and Liabilities 1,271,540,701 1,181,203,771
0 ###
These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007. ###
###
…………………………..
Finance Controller
The board of directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the
board by:
………………………….. ……………..…………….
Director Director
28 November 2016
Colombo
-4-
STATEMENTS OF CHANGES IN EQUITY
Stated Retained Total

Capital Earnings
Rs. Rs. Rs.
Balance as at 01 April 2014 99,250,000 544,065,587 643,315,587
Net Loss for the Year - (53,584,273) (53,584,273)
Dividend Paid - Rs. 9.11 Per Share (2014 - Rs. 12 Per Share) - (25,280,250) (25,280,250)
Balance as at 31 March 2015 99,250,000 465,201,064 564,451,064
Net Profit for the Year - 15,678,668 15,678,668
Dividend Paid Rs.11.00 per share (2015 - Rs.9.11 per share) - (30,525,000) (30,525,000)
Balance as at 31 March 2016 99,250,000 450,354,733### 549,604,733
-5-
STATEMENT OF CASH FLOWS
Note 2016 2015

Cash Flows from / (Used in) Operating Activities Rs. Rs.
Profit before Tax 17,829,246 (60,556,736)
Adjustments for
Depreciation 4 104,438,533 108,725,243
Amortization 5 2,314,790 7,711,954
Loss/ (Profit) on Disposal of Property, Plant and Equipment (6,265,405) (3,436,763)
Income from Investments 14 (12,254,527) (10,744,026)
Finance Costs 14 (33,292,794) 30,610,338
Foreign Exchange Loss 11 32,654,799 8,914,371
Provision for Retirement Benefit Plans 12 15,734,663 12,872,918
Operating Profit before Working Capital Changes 121,159,306 94,097,299
(Increase) /Decrease in Inventories 10,202,845 (12,793,968)

(Increase)/ Decrease in Trade and Other Receivables 11,280,628 (87,082,173)
Increase/ (Decrease) in Trade and Other Payables 6,712,514 75,366,059
Cash Generated from Operations 149,355,293 69,587,217
Finance Cost Paid 14 24,739,043 (30,610,338)

Defined Benefit Plan Costs Paid 12 (9,331,775) (3,196,200)
Income Tax Paid/ Reversal - (1,802,232)
Net Cash from/(Used in) Operating Activities 164,762,561 33,978,447
Cash Flows from / (Used in) Investing Activities

Proceeds from Sale of Property, Plant and Equipment 7,166,721 4,036,435
Acquisition of Property, Plant and Equipment 4 (42,379,853) (81,574,800)
Acquisition of Intangible Assets 5 (1,346,550) (2,879,652)
Investment in Fixed deposits (17,396,055) (4,892,537)
Interest Received 12,254,527 10,744,026
Receipts of Lendings 6 122,923,714 25,956,972
Loans to Related Parties 6 (277,421,880) -
Net Cash Flows from/ (Used in) Investing Activities (196,199,377) (48,609,556)
Cash Flows from (Used in) Financing Activities

Proceeds From Interest Bearing Loans and Borrowings 11 1,650,821,527 1,033,270,157
Repayment of Lease Creditors 11 (14,874,089) (5,225,499)
Repayment of Interest Bearing Loans and Borrowings 11 (1,582,816,934) (993,336,877)
Proceeds from Sale & Lease Back 901,316 4,500,000
Repayment of Non Interest Bearing Loans and Borrowings 12 - (4,145,188)
Dividend Paid (30,525,000) (19,267,650)
Net Cash Flows from/(Used in) Financing Activities 23,506,820 15,794,943
Net Increase/(Decrease) in Cash and Cash Equivalents (7,929,995) 1,163,834
Cash and Cash Equivalents at the Beginning of the Year 18 28,961,349 27,797,515
Cash and Cash Equivalents at the End of the Year 18 21,031,354 28,961,349
-6-
NOTES TO THE FINANCIAL STATEMENTS
2.5 Notes to the Reconciliation of Equity as at 31 March 2011 and 31 March 2013 and Total Comprehensive Income for the
Year Ended 31 March 2013 (Contd.)
2.5.2 Reconcilation of equity as at 1st April 2011 ( Date of transition to SLFRS )
SLFRS as at 1
Note Previous SLAS Remeasurements April 2011
ASSETS Rs. Rs. Rs.
Non current assets
Property, Plant and Equipment a 932,496,319 541,226,345 1,473,722,664
Investments 18,526,553 - 18,526,553
Deferred Tax Assets b 7,982,879 (7,982,879) -
959,005,751 533,243,466 1,492,249,217
Current assets
Inventories 857,384,946 - 857,384,946
Trade and Other Receivables c 867,342,066 (257,773,468) 609,568,598
Income Tax Recivable 617,838 - 617,838
Cash and Bank Balances 12,004,386 - 12,004,386
1,737,349,236 (257,773,468) 1,479,575,768
TOTAL ASSETS 2,696,354,987 275,469,998 2,971,824,985

Equity
Stated Capital 1,010,000,000 - 1,010,000,000
Revaluation Reserve a - Err:509 Err:509
Retained Earnings d (336,468,785) Err:509 Err:509
Total Equity 673,531,215 Err:509 Err:509
Non Current Liabilities

Interest bearing loans and borrowings 100,268,310 - 100,268,310
Employee Benefit Liability 12,488,545 - 12,488,545
Deferred Tax Liability b - 87,142,596 87,142,596
112,756,855 87,142,596 199,899,451
Current Liabilities
Trade & Other Payables 783,270,956 - 783,270,956
Current Potion Interest Bearing Loans and Borrowings 1,126,795,961 - 1,126,795,961
1,910,066,917 1,910,066,917
TOTAL EQUITY & LIABILITIES 2,696,354,987 Err:509 Err:509
-18 draft-
2.5 Notes to the Reconciliation of Equity as at 31 March 2011 and 31 March 2013 and Total Comprehensive Income
for the Year Ended 31 March 2013 (Contd.)
2.5.3 Reconcilation of equity as at 31st March 2013
SLFRS as at 31
Note Previous SLAS Remeasurements March 2013
ASSETS Rs. Rs. Rs.
Non Current Assets
Property, Plant and Equipment a 817,472,464 574,620,205 1,392,092,669
Investments 29,336,282 - 29,336,282
Deferred Tax Assets b 10,447,470 (10,447,470) -
857,256,216 564,172,735 1,421,428,951
Current Assets
Inventories 760,916,553 - 760,916,553
Trade and Other Receivables c 690,432,191 (288,201,854) 402,230,337
Income Tax Recoverable 605,733 - 605,733
Cash and Short Term Deposits 21,162,992 - 21,162,992
1,473,117,469 (288,201,854) 1,184,915,615
TOTAL ASSETS 2,330,373,686 275,970,881 2,606,344,566

Equity
Stated capital 1,010,000,000 - 1,010,000,000
Revaluation Reserve a - Err:509 Err:509
Retained Earnings d (428,944,929) 894,145,994 465,201,064
Total Equity 581,055,071 Err:509 Err:509
Non Current Liabilities

Interest bearing loans and borrowings 51,000,000 - 51,000,000
Retirment Benefit Liability 14,497,508 - 14,497,508
Deferred Tax Liability b - Err:509 Err:509
65,497,508 Err:509 Err:509
Current Liabilities
Trade & Other Payables 398,943,050 - 398,943,050
Current Portion of Interest Bearing Loans and Borrowings 1,284,878,057 - 1,284,878,057
1,683,821,107 - 1,683,821,107
TOTAL EQUITY & LIABILITIES 2,330,373,686 Err:509 Err:509
-19 draft-
3. REVENUE 2016 2015

Rs. Rs.
Revenue
Indirect Exports 1,490,956,017 1,180,649
1,490,956,017 1,180,649
4. PROPERTY, PLANT AND EQUIPMENT
4.1 Gross Carrying Amounts Balance Additions Disposals/ Balance

As at /Transfers Transfers As at
At Cost 01.04.2015 31.03.2016
Rs. Rs. Rs. Rs.
Land 42,037,111 - 42,037,111

Buildings 469,594,035 20,071,809 (211,607) 489,454,237
Land Developments Cost 15,884,081 28,150 - 15,912,231
Fire Safe Equipments 7,046,982 161,419 - 7,208,401
Plant and Machinery 416,011,466 38,497,296 (45,370,682) 409,138,080
Other Constructions 43,105,446 14,430,607 (984,563) 56,551,490
Furniture & Fittings 68,591,403 350,156 - 68,941,559
Partition & Floorings 50,634,274 3,902,130 - 54,536,404
Office Equipments 114,833,137 2,745,973 (43,323,494) 74,255,617
Computer Hardware 28,425,490 9,058,067 - 37,483,557
Factory & Lab Equipments 121,442,648 9,662,377 (306,039) 130,798,986
Motor Vehicles 47,922,161 224,500 (5,054,000) 43,092,661
Security Building 5,898,268 - (3,391,323) 2,506,945
Tools 2,837,563 229,262 (6,004) 3,060,821
1,434,264,065 99,361,745 (98,647,712) 1,434,978,098
Assets on Finance Leases

Plant and Machineries 9,245,700 - (9,245,700) -
Motor Vehicles 14,390,713 18,359,300 (4,500,000) 28,250,013
23,636,413 18,359,300 (13,745,700) 28,250,013
Total Value of Depreciable Assets 1,457,900,478 117,721,045 (112,393,412) 1,463,228,111
Balance Disposals/ Balance

Additions
In the Course of Construction As at Transfers As at
01.04.2015 Year 31.03.2016
Rs. Rs. Rs. Rs.
Other Constructions 13,268,392 8,444,668 (20,768,982) 944,078

Buildings 21,860,111 4,252,921 (26,113,032) -
35,128,503 12,697,589 (46,882,014) 944,078
Total Gross Carrying Amount 1,493,028,981 130,418,634 (159,275,426) 1,464,172,189
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4. PROPERTY, PLANT AND EQUIPMENT (Contd….)
4.2 Depreciation and Impairment

Balance Charge for Balance
As at the Year Disposals As at
01.04.2015 31.03.2016
At Cost Rs. Rs. Rs. Rs.
Buildings 109,396,280 18,576,569 (32,623) 127,940,226

Land Developments Cost 4,862,863 2,113,604 - 6,976,467
Fire Safe Equipments 758,803 4,255,321 - 5,014,124
Plant and Machinery 310,979,841 17,952,954 (36,574,182) 292,358,613
Other Constructions 11,859,041 5,598,902 (972,165) 16,485,778
Furniture & Fittings 60,611,639 1,759,598 - 62,371,237
Partition & Floorings 26,368,851 8,790,474 - 35,159,325
Office Equipments 93,620,433 7,669,761 (43,315,372) 57,974,822
Computer Hardwares 8,064,809 6,128,390 - 14,193,199
Factory & Lab Equipments 77,465,439 15,274,887 (196,963) 92,543,363
Motor Vehicles 33,854,665 10,846,916 (5,769,374) 38,932,207
Tempory Buildings 5,898,268 - (3,391,323) 2,506,945
Tools 2,536,707 549,149 (6,004) 3,079,852
746,277,639 99,516,526 (90,258,006) 755,536,159

Plant and Machinery 2,773,710 - (2,773,710) -
Motor Vehicles 9,668,321 4,922,008 - 14,590,329
12,442,031 4,922,008 (2,773,710) 14,590,329
Total Depreciation 758,719,670 104,438,533 (93,031,716) 770,126,487
4.3 Net Book Values 2016 2015

Rs. Rs.
At Cost
Land 42,037,111 42,037,111
0 Buildings 361,514,011 360,197,755
Land Development Cost 8,935,764 11,021,218
0 Fire Safe Equipments 2,194,277 6,288,179
Plant and Machinery 116,779,467 105,031,625
Other Constructions 40,065,712 31,246,405
Furniture & Fittings 6,570,322 7,979,764
Partition & Floorings 19,377,079 24,265,423
Office Equipments 16,280,794 21,212,704
Computer Hardwares 23,290,358 20,360,681
Factory & Lab Equipments 38,255,623 43,977,209
Motor Vehicles 4,160,454 14,067,496
Tools (19,032) 300,856
679,441,939 687,986,426
Plant and Machineries - 6,471,990

Motor Vehicles 13,659,685 4,722,392
13,659,685 11,194,382
In the Course of Construction
Other Constructions 944,078 13,268,392

Building - 21,860,111
944,078 35,128,503
Total Carrying Amount of Property, Plant and Equipment 694,045,702 734,309,311
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4. PROPERTY, PLANT AND EQUIPMENT (Contd…)

During the differences
Exchange year an amount of Rs.during
arising _____________
the year on(2006 Rs. _____)was
purchase capitalised
of property, plant &as borrowingwas
equipment costsRs.
to __________ (state
------------------.
4.4 class ofthe
During asset).
year,The
thecapitalisation rate used
Company acquired to determine
Property, Plantthe
andamount of borrowing
Equipment cost was value
to the aggregate _____________%(2006________
of Rs. 117,721,045/- (2015 - Rs. 81,574,800/-). Cash
%).
payments amounting to Rs. 41,472,021/- (2015 - Rs. 81,574,800/-) were made during the period for purchase of Property, Plant and Equipment.
4.5 The useful lives of the assets are estimated as follows; 2016 2015
Building 20 Years 20 Years

Fire Safe Equipments 20 Years 20 Years
Plant and Machinery 10 Years 10 Years
Other Constructions 10 Years 10 Years
Land Developments 5 Years 5 Years
Furniture & Fitting 5 Years 5 Years
Partition & Flooring 5 Years 5 Years
Office Equipments 5 Years 5 Years
Computer Hardwares 5 Years 5 Years
Factory & Lab Equipments 5 Years 5 Years
Motor Vehicles 4 Years 4 Years
Tempory Buildings 2 Years 2 Years
Computer Software 1 Year 1 Year
Tools 1 Year 1 Year
4.6 Factory Land & Building, Motor Vehicles and Machineries with a carrying amount of Rs. 533,990,274/- (2015 - Rs. 406,650,076/-) are subject to a
primary mortgage, to secure the Short term Loan facilities obtained from People's Bank off shore banking unit.
4.7 Property, Plant and with

Factory buildings Equipment includes
a carrying fullyofdepreciated
amount assets having
Rs 116,695,296/- (2006a Rs.111,043,750/-.)
gross carrying amounts of Rs.403,581,577
are subject to a primary(2015 - Rs. 403,581,577/-
mortgage of ).
Rs.116,695,296/- to secure the overdraft and import facilities obtained from People's Bank).
5. INTANGIBLE ASSETS
5.1 Gross Carrying Amounts Balance Balance

As at Additions Disposals As at
01.04.2015 31.03.2016
Rs. Rs. Rs. Rs.
Computer Software 28,176,956 1,346,550 29,523,506

28,176,956 1,346,550 - 29,523,506
Amortization
Computer Software 26,755,286 2,314,790 29,070,076
26,755,286 2,314,790 - 29,070,076
2016 2015
LKR LKR
Net Book Value
Computer Software 453,430 1,421,670
453,430 1,421,670
6. LOANS RECIEVABLES As At Loans Repayments As At

01.04.2015 Given Interest Payable 31.03.2016
Rs. Rs. Rs. Rs. Rs.
Antler General Industries (Pvt) Ltd 71,980,453 - (71,980,453) - -

Antler Industries (Pvt) Ltd - 136,200,000 (30,000,000) 7,053,410 113,253,410
Antler Holdings (Pvt) Ltd - 141,221,880 (20,943,261) - 120,278,619
### 71,980,453 277,421,880 (122,923,714)
### 7,053,410
### 233,532,029
7. INVENTORIES 2016 2015

Rs. Rs.
Raw Materials 32,365,186 48,811,758

Spare Parts 9,697,340 7,803,490
Stationery 628,868 832,663
Consumable Items 982,464 841772
Maintenance Stock 2,690,868 2,971,713
Work In Progress 2,616,627 1,442,381
Less: Impairment of Inventory - (3,519,578)
48,981,354 59,184,199
-17-
8. TRADE AND OTHER RECEIVABLES 2016 ### 2015

Rs. Rs.
Trade Receivables - Other 161,735,368 139,703,465
Other Receivables - Related Party - 21,454,330

- Other 21,685,262 37,517,514
183,420,630 198,675,309
Advances and Prepayments 16,528,272 12,554,221
199,948,902 211,229,530
2016 ### 2015

8.1 Related Party Relationship Rs. Rs.
Antler Holding (Pvt) Ltd Group Company ### ### - 21,454,330

- 21,454,330
9. OTHER FINANCIAL INSTRUMENTS 2016 ### 2015

Rs. Rs.
Investment in Fixed Deposit 66,888,066 51,602,822

Investment in Call deposit 2,124,980 14,169
69,013,046 51,616,991
10. STATED CAPITAL 2016 2015

Number Rs. Number Rs.
Fully Paid Ordinary Shares 2,775,000 99,250,000 2,775,000 99,250,000

2,775,000 99,250,000 2,775,000 99,250,000
11. The holdersBEARING

INTEREST of ordinaryLOANS
shares are
ANDentitled to receive dividends as declared from time
BORROWINGS to time and are entitled
2016 2016 to one vote per share
2016 2015 2015 2015
at a meeting of the Company. Amount Amount Total Amount Amount Total
Repayable Repayable Repayable Repayable
Holders of non-redeemable cumulative preference shares receive a discretionary cumulative dividend of ___% p.a. on the par value
of their shareholding. Within 1 Year After 1 Year Within 1 Year After 1 Year
Rs. Rs. Rs. Rs. Rs. Rs.
The preference shares do not carry the right to vote unless the dividend is in arrears.
Finance Leases (11.1) 3,725,001 12,094,080 15,819,081 5,383,914 4,113,211 9,497,125
All shares
Bank rank equally with regard to the Company's residual assets, except that
Loans (11.2) preference shareholders
98,753,344 participate only
154,198,118 to the
252,951,462 81,775,436 89,897,434 171,672,870
extent of the face value of the shares adjusted for any dividends in arrears.
Short Term Loans (11.3) 216,502,000 - 216,502,000 197,121,200 - 197,121,200
Bank Overdrafts (18) 1,868,039 - 1,868,039 18,071,706 - 18,071,706
320,848,384 166,292,198 487,140,582 302,352,256 94,010,645 396,362,901
-18-
11. INTEREST BEARING LOANS AND BORROWINGS (Contd…)

As at Finance Leases Repayments As at
31.03.2015 Obtained 31.03.2016
11.1 Finance Leases Rs. Rs. Rs. Rs.
Ambulance LW - 0714 2,379,872 - (1,903,897) 475,975

03 Phases 500KVA Auto Start Generator 3,163,346 - (3,163,346) -
Honda Vezel CAB - 7399 5,438,431 - (5,438,431) -
Dimo Ace Lorry DAA 3995 - 2,192,875 (438,575) 1,754,300
Toyota Aqua CAG 2300/2298 - 10,251,756 (1,879,489) 8,372,267
Toyota Aqua CAE 6137/6113 10,251,756 (2,050,351) 8,201,405
10,981,649 22,696,387 (14,874,089) 18,803,947
2016 2015
Rs. Rs.
Gross Liability 18,803,947 10,981,649

Finance Charges Allocated to Future periods (2,984,865) (1,484,524)
Net Liability 15,819,082 9,497,125
As At Loans Repayments Exchange As At

11.2 Bank Loans 01.04.2015 Obtained Loss 31.03.2016
Rs. Rs. Rs. Rs. Rs.
People's Bank (798-80-0200675-7) 53,941,950 - (24,727,500) 2,960,550 32,175,000

People's Bank (798-80-0200069-5) 35,961,300 - (23,079,000) 1,703,700 14,586,000
People's Bank (798-80-0200091-7) 16,289,137 - (9,149,175) 825,138 7,965,100
Bank Of Ceylon (74012074) 7,397,373 - (7,539,430) 142,057 -
Commercial Bank (Diribala Scheme) 27,082,700 - (5,000,400) - 22,082,300
Commercial Bank (00001245727-1) 8,999,945 - (4,000,020) - 4,999,925
Bank Loan USD 305,000-BOC 22,000,465 13,636,587 (10,476,218) 2,029,638 27,190,472
Bank Loan USD 250,000-BOC - 45394 - 35,500,000 (1,458,600) 250,000 34,291,400
Bank Loan USD 250,000-BOC - 35955 - 35,000,000 (3,703,599) 729,164 32,025,565
Commercial Bank (00001245727-1) - 30,000,000 (2,857,600) - 27,142,400
People's Bank USD 400,000 - 53,400,000 (6,596,150) 3,689,450 50,493,300
Total Bank Loans 171,672,870 167,536,587 (98,587,692) 12,329,697 252,951,462
11.3 Short Term Loans As At Loans Repayments Exchange As At

01.04.2015 Obtained Loss 31.03.2016
Rs. Rs. Rs. Rs. Rs.
Peoples' Bank 119,871,000 1,029,587,030 (1,081,475,504) 60,717,474 128,700,000

Bank Of Ceylon 77,250,200 417,947,910 (402,753,738) (40,392,372) 52,052,000
Sampath Bank - 35,750,000 - - 35,750,000
197,121,200 1,483,284,940 (1,484,229,242) 20,325,102 216,502,000
-19-
12. EMPLOYEE BENEFIT LIABILITIES 2016 ### 2015

Rs. Rs.
Balance at the Beginning of the Year 58,228,100 48,551,382

Charge for the Year 15,734,663 12,872,918
Payments during the Year (9,331,775) (3,196,200)
Balance at the End of the Year 64,630,988 58,228,100
13 TRADE AND OTHER PAYABLES 2016 ### 2015

Summary Rs. Rs.
Trade Payables - Related Parties (14.1) 62,736,276 51,014,362

- Others 22,782,993 3,481,561
Other Payables - Related Parties (14.2) - 322,243
- Others 20,152,796 36,363,048
Sundry Creditors Including Accrued Expenses 63,202,155 70,980,492
168,874,220 162,161,706
13.1 Trade Payables Related Parties Relationship
Antler General Industries (Pvt) Ltd Group Company 62,736,276 51,014,362

62,736,276 51,014,362
13.2 Other Payables Related Parties Relationship
Antler Holdings (Pvt) Ltd Group Company - 260,466

Antler Industries (Pvt) Ltd Group Company - 61,877
Antler IT Solution (Pvt) Ltd Group Company - -
- 322,343
14 FINANCE COST AND INCOME

2016 ### 2015
14.1 Finance Cost Rs. Rs.
Interest Expense on Overdrafts 1,239,997 158,561

Interest Expenses on Lease 2,176,964 1,208,954
Interest Expense on Interest Bearing Loans and Borrowings 21,383,482 16,913,731
Interest Expense on Short Term Loan 8,492,352 12,329,092
33,292,794 30,610,338
14.2 Finance Income
Interest Income 1,579,269 1,841,200

Interest Income on Related Party Lending 10,675,258 8,902,826
12,254,527 10,744,026
-20-
15 PROFIT/(LOSS) FROM CONTINUING OPERATIONS 2016 2015

Stated after Charging /(Crediting) Rs. Rs.
Included in Cost of Sales

Employee Benefits Including the Followings
- Defined Benefit Plan Cost - Gratuity 14,307,891 10,183,176
- Defined Contribution Plan Cost - EPF & ETF 32,908,497 33,520,284
Depreciation 36,473,453 47,103,028
Included in Administrative Expenses

- Defined Benefit Plan Cost - Gratuity (3,668,881) 1,209,286
Exchange Gain/(Loss) (2,579,085) 4,794,205
Auditors' Fees and Expenses 389,370 252,000
Depreciation 53,121,802 55,639,343
Included in Business Development Costs

- Defined Benefit Plan Cost - Gratuity 5,095,652 1,480,456
Business Promotion 5,350,585 25,099,470
16 INCOME TAX
The major components of income tax expense for the period ended 31 March are as follows :
Income Statement 2016 2015

Rs. Rs.
Current Income Tax
Current Income Tax Charge/(Reversal) 4,817,425 3,008,327
Under/(Over) Provision of Current taxes in Respect of Prior Years - -
Deferred Income Tax Expenses / (Reversal) (2,666,847) (9,980,790)
Income Tax Expense Reported in the Income Statement 2,150,578 (6,972,463)
16.1 Deferred Tax Assets and Liabilities Relates to the Followings
Statement of Statement of Comprehensive

Financial Position Income
2016 2015 2016 2015
Rs. Rs. Rs. Rs.
Deferred Tax Liability
Accelerated Capital Allowances for Tax Purposes 31,207,457 74,103,373 (42,895,916) 39,283,747
Deferred Tax Assets

Defined Benefit Plans (7,755,719) (16,303,868) 8,548,149 (10,477,702)
Losses Available for Offsetting Against Future
Taxable Income (26,118,585) (57,799,505) 31,680,920 (38,786,835)
Deferred Income Tax charge / (Reversal) (2,666,847) (9,980,790)
Net Deferred Tax Liability (2,666,847) -
-21-
15 Months ended 31 March 2011
14. INCOME TAX
The major components of income tax expense for the period ended 31 March are as follows :
For the Year
Income Statement Err:509 ended
2016 ### 2015
Rs. Rs.
Current Income Tax
Current Income Tax charge (Note 14.1) - 188,315
Over Provision of current taxes in respect of prior years 179,256 (104,029)
179,256 84,286
14.1 A reconciliation between tax expense and the product of accounting profit multiplied by the statutory tax rate is as
follows :
For the Year

Err:509 ### ended
2016 ### 2015
Rs. Rs.
Accounting Profit before Tax 17,829,246 75,215,189

Aggregate Disallowed Items . 193,133,959 159,658,358
Aggregate Allowable Expenses (168,440,500) (170,006,794)
(Income) /Loss not subject to Tax 527,072,513 (63,629,876)
Income Liable for Tax 569,595,218 1,236,877
Statutory Tax Rate 35% 15%

Current Income Tax Expenses (Provisional) - 185,532
SRL @ 1.5% - 2,783

- 188,315
15. EARNINGS PER SHARE
15.1 Basic Earnings Per Share is calculated by dividing the net profit for the year attributable to ordinary shareholders (after
deducting preference share dividends) by the weighted average number of ordinary shares outstanding during the year. The
weighted average number of ordinary shares outstanding during the period and the previous periods are adjusted for events
that have changed the number of ordinary shares outstanding, without a corresponding change in the resources such as a bonus
issue
15.2 The following reflects the income and share data used in the Basic Earnings Per Share computation.
For the Year

Err:509 ### ended
2016 ### 2015
Rs. Rs.
Net Profit for the Period after deducting Preference Share Dividends Err:509 75,130,903
Net Profit Attributable to Ordinary Shareholders for Basic Earnings Per Share Err:509 75,130,903
Number of Ordinary Shares used as the denominator:

For the Year
Err:509 ### ended
Weighted average number of ordinary shares in issue Number Number
applicable to Basic Earnings Per Share
743,148,610 30,000,000
-5554-
17 EARNINGS/(LOSS) PER SHARE
17.1 The following reflects the income and share data used in the Basic Earnings Per Share computation.
2016 2015
Rs. Rs.
Net Profit for the Year 15,678,668 (53,584,273)

Net Profit Attributable to Ordinary Shareholders for Basic 15,678,668 (53,584,273)
Earnings Per Share
Number of Ordinary Shares used as the denominator: 2016 2015

Number Number
Weighted Average Number of Ordinary Shares in Issue
Applicable to Basic Earnings Per Share 2,775,000 2,775,000
18 CASH AND CASH EQUIVALENTS IN THE CASH FLOW STATEMENT

2016 2015
Rs. Rs.
18.1 Favourable Cash and Cash Equivalents balances
Cash and Bank Balances 22,899,392 47,033,055
22,899,392 47,033,055
18.2 Unfavourable Cash and Cash Equivalent Balances ###
Bank
Total Overdraft
Cash and(Note: 11)
Cash Equivalents for the Purpose of Cash (1,868,039) (18,071,706)
Flow Statement 21,031,353 28,961,349
19 Deferred Loss on Sale and Lease Back 2016 2015

Rs. Rs.
Opening Balance 901,316 932,396

(-) Charged during the year - (31,080)
(-) Disposed during the year (901,316) -
Closing Balance 901,316 901,316
20. ASSETS PLEDGED
The following assets have been pledged as security for liabilities.
Carrying Amount Pledged

Nature of Assets Nature of Liability 2016 2015
Rs. Mn Rs. Mn Included under
Land Loan Facility 42,037,111 42,037,111 Property, Plant &

Equipments
Buildings Loan Facility 361,514,011 360,197,755 Property, Plant &
Equipments
Motor Vehicle Loan Facility 13,659,685 4,722,392 Property, Plant &
Equipments
Inventory Loan Facility 48,981,354 59,184,199 Inventory
Trade Debtors Loan Facility 161,735,368 139,703,465 Trade & Other

Receivables
21. EVENTS OCCURRING AFTER THE REPORTING DATE
There have been no material events occurring after the Reporting date that require adjustments to or disclosure in the
financial statements.
-22-
Alternative
Presentation
The
During
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The impact on the current years profit for a change in the basis of depreciation (which is adjusted prospectively as per SLAS 10) should be given as a not
If it is a change in accounting policy:
(Reason for the change to be given) This change in accounting policy has been accounted for retrospectively.
The comparative statements of 19... have been restated to confirm to the changed policy.
The effect of the change in the financial statements is as follows.
Declaration of above interests is made by respective directors at a meeting of directors.
-30..-
22. RELATED PARTY DISCLOSURES
Details of significant related party disclosures are as follows:
22.1 Transaction with the parent and related entities

Antler General Industries Antler Industries (Pvt) Antler IT Solution (Pvt)
Antler Holdings (Pvt) Ltd
(Pvt) Ltd Ltd Ltd Total
Group Company Group Company Group Company Group Company
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.
Opening Balance 21,193,864 (5,589,548) 20,966,091 90,200,278 (61,878) (109,476) - (1,456,540) 42,098,077 83,044,714
Sale of Goods/Services - (266,212,774) - (5,770,060) - - (271,982,834) -
Purchase of Goods/Services (85,375,808) - (216,068,222) (2,652,771) (1,456,800) - (305,553,601)
Central Cost Allocated - - -
Printing Charges (3,129,592) (3,129,592) -
Service Received (109,607,422) (109,607,422) -
Service Rended (7,159,100) (7,159,100) -
Sales Advances - - -
Settlement of Dues 112,997,479 90,704,890 188,828,448 172,790,678 5,831,938 2,700,369 7,159,100 3,338,548 314,816,965 269,534,485
Loan Interest 4,147,214 (3,009,877) 1,137,337 -
Exchange Gain/Loss - (3,308,180) - - - (3,308,180) -
ERP Development - - - (425,208)
### - (425,208)
Fair Value Adjustment - - (421,845) - - - (421,845)
Intercompany loan 119,767,500 21,454,330 9,325,000 - - 119,767,500 30,779,330
Interest Income on Loans - - - - - -
BOI Fess Balance - - - - - -
Settlement of Loan (20,943,261) - (34,859,798) - - (20,943,261) (34,859,798)
Closing Balance 124,425,782 21,193,864 (62,736,292) 20,966,091 - (61,878) - - 61,689,490 42,098,077
22.2 Transactions with Key Management Personnel of the Company or Its Parent
The Key Management Personnel of the Company are the Members of its Board of Directors, and that of its parent.
Key Management Personnel Compensations
No transactions has occurred during the year with key management personnel.
22.3 Guaranties given by Related Companies
Company Name Relationship Bank Value Facility
Antler General Industries (Pvt.) Ltd Group Company NDB 22,500,000 Lease Loan
-23-
23. RETROSPECTIVE RESTATEMENT OF ERRORS
Notes The financial statements of 2013 have been restated to correct the following errors
A Depreciation has been over estimated by Rs. 19,713,425 in previous years depreciation charge. The financial statements for the year
ended 31 March 2013 have been restated to correct this error.
B Deferred tax liability amounting to Rs. 8,181,109/- was not recorded in the previous year. The financial Statements for the year ended 31
March 2013 have been restated to correct this error.
The effect of the restatement in these financial statements is summarised below. There is no effect to financial year 2014.
(Restated)
Balance as at Balance as at
31-Mar Increase/ 31-Mar
Notes Statement of Financial Position 2013 (Decrease) 2013
Rs. Rs. Rs.
A Accumulated Depreciation Property, Plant and Equipment 578,389,340 (19,713,425) 558,675,915

A Retained Earnings 555,049,386 19,713,425 574,762,811
B Deferred Tax Liabilities - 8,181,109 8,181,109
1,133,438,726 8,181,109 1,141,619,835
Statement of Comprehensive Income
B Income Tax Expense 1,072,699 8,181,109 9,253,808

1,072,699 8,181,109 9,253,808
24. COMPARATIVE INFORMATION
The presentation and classification of following in the Financial Statements are amended to ensure comparability with the current year.
Statement of Financial Position As Reported Increase / As Reported

Previously (Decrease) Currently
Property, Plant and Equipment Rs. Rs. Rs.
At Cost
Land 46,598,143 (4,561,032) 42,037,111
Buildings 459,396,902 - 459,396,902
Land Developments Cost - 14,674,446 14,674,446
Fire Safe Equipments - 6,395,532 6,395,532
Plant and Machinery 383,430,434 21,418,917 404,849,351
Other Constructions 111,564,024 (72,080,292) 39,483,732
Furniture & Fittings 63,192,994 - 63,192,994
Partition & Floorings 45,891,171 - 45,891,171
Office Equipments 112,854,057 (10,543,671) 102,310,386
Computer Hardwares - 5,461,238 5,461,238
Factory & Lab Equipments 91,055,841 24,200,830 115,256,671
Motor Vehicles 59,730,588 (4,005,598) 55,724,990
Tempory Buildings - 5,891,121 5,891,121
Computer Softwares - 5,082,432 5,082,432
Tools - 2,120,582 2,120,582
1,373,714,154 (5,945,495) 1,367,768,659

Plant and Machineries 13,890,715 (4,645,015) 9,245,700
Motor Vehicles 7,305,803 10,590,510 17,896,313
21,196,518 5,945,495 27,142,013
1,394,910,672 - 1,394,910,672
-24-
21. FINANCIAL RISK MANAGEMENT
The Company's activities are exposed to variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow
interest rate risk and price risk), credit risk and liquidity risk.
The Company's overall financial risk management programme focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the financial performance of the Company. Financial risk management is carried out through risk reviews, internal
control systems, insurance programmes and adherence to the Company's financial risk management policies. The Board of Directors regularly
reviews these risks and approves the risk management policies, which covers the management of these risks.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market prices comprise four types of risk - interest rate risk, currency risk, commodity price risk and other price risk, such as equity price risk.
Credit risk
Risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss.
Liquidity risk
Risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments.
Foreign exchange risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates. The companies trade receivables and trade and other payables held in foreign currency and short term borrowings in foreign
currency are the main financial instruments that are exposed to this risk of fluctuating exchange rates.
In order to mitigate this risk the company has set a policy of dealing only in limited number of strong currencies when dealing with its foreign
stakeholders. The company also has a policy of matching the liabilities held in foreign currency with the financial assets held in the same
currency. Apart from that the company constantly monitor the exchange rate movements and make the settlement decisions of liabilities in
favour of the company at the appropriate time when there is an unfavourable movement in exchange rates.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. The interest bearing borrowing made at variable interest rates is the main category of financial liabilities that is exposed to this risk.
Apart from that repo deposits in banks can also be affected by the fluctuation in interest rates. The company constantly monitor the interest
rates and adjust the borrowing levels of each category of financial liabilities depending on the direction of the interest rates.
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks, as well as credit exposures to customers, including outstanding
receivables.Trade receivables are mainly secured with bank guarantees given by customers in favour of the Company. Individual credit limits
are set based on the amount bank guarantee. The utilisation of credit limits is regularly monitored.
The Company places its cash and cash equivalents with a number of creditworthy financial institutions. The Company's policy limits the
concentration of financial exposure to any single financial institution. The maximum credit risk exposure of the financial assets of the
Company is approximately their carrying amounts as at statement of financial position date , except for trade receivables which are secured by
bank guarantees.
-32-
21. FINANCIAL RISK MANAGEMENT (Contd.)
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient liquid funds to meet its financial obligations.
In the management of liquidity risk, the Company monitor and maintain a level of cash and cash equivalents deemed adequate by the
management to finance the Company's operations and to mitigate the effects of fluctuations in cash flows. Due to the dynamic nature of the
underlying business, the Company aims at maintaining flexibility in funding by keeping both committed and uncommitted credit lines
available.
The table below analyses the Company’s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at
the statement of financial position date to the contractual maturity date.
Between 3
Less than 3 months and 1 Between year Between year 2
At 31 March 2014 months year 1 and 2 year and year 5
Bank Borrowings - - - -
Trade and other payables - - - - -
At 31 March 2013
Bank Borrowings
Trade and other payables
Capital management risk
The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in
order to support its business and maximise shareholder value.
The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in
order to support its business and maximise shareholder value.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the
capital structure, the Company may or may not make dividend payments to shareholders, return capital to shareholders or issue new shares or
other instruments.
Consistent with others in the industry, the Company monitor capital on the basis of the gearing ratio. This ratio is calculated as total
borrowings by total equity. Total borrowings including non-current and current borrowings as shown in the statements of financial position.
Total equity is calculated as ‘Total equity’ in the statements of financial position.
The gearing ratio as at 31 March is as follows:

2014
Rs.
Borrowings
Total equity
Gearing ratio ; Debt to Equity #DIV/0!
Gearing ratio for the year 2013/2014 decreased to 124% as a result of Decrease in borrowings by Rs. 142.6 Mn to finance the expansion project
of the Company.
-33-
k, fair value interest rate risk, cash flow
nancial markets and seeks to minimise

carried out through risk reviews, internal
olicies. The Board of Directors regularly
risks.
te because of changes in market prices.

other price risk, such as equity price risk.
to incur a financial loss.
ial instruments.
fluctuate because of changes in foreign

y and short term borrowings in foreign
currencies when dealing with its foreign

th the financial assets held in the same
the settlement decisions of liabilities in
tes.
te because of changes in market interest

al liabilities that is exposed to this risk.
company constantly monitor the interest
of the interest rates.
es to customers, including outstanding

of the Company. Individual credit limits
tions. The Company's policy limits the

exposure of the financial assets of the
r trade receivables which are secured by
-34-
ations.
h equivalents deemed adequate by the

lows. Due to the dynamic nature of the
mmitted and uncommitted credit lines
upings based on the remaining period at
Over 5 years
-
-
redit rating and healthy capital ratios in
redit rating and healthy capital ratios in
mic conditions. To maintain or adjust the

al to shareholders or issue new shares or
ratio. This ratio is calculated as total

n in the statements of financial position.
2013
Rs.
#DIV/0!
42.6 Mn to finance the expansion project
-35-
24. COMPARATIVE INFORMATION (Contd...)

As Reported Increase / Amounts After Restatement Restated
Previously (Decrease) Reclassification Adjustment Amounts
Depreciation Rs. Rs. Rs. Rs. Rs.
At Cost
Buildings 69,477,265 - 69,477,265 (6,343,067) 63,134,195
Land Developments Cost - 1,509,357 1,509,357 (722,648) 786,709
Fire Safe Equipments - 360,705 360,705 - 360,705
Plant and Machinery 256,096,847 11,303,735 267,400,582 (315,143) 267,085,439
Other Constructions 33,219,216 (28,566,992) 4,652,224 - 4,652,224
Furniture & Fittings 54,694,903 - 54,694,903 - 54,694,903
Partition & Floorings 14,014,512 - 14,014,512 (4,019,336) 9,995,176
Office Equipments 79,282,699 718,491 80,001,190 (2,048,162) 77,953,028
Computer Hardwares - 923,309 923,309 923,309
Factory & Lab Equipments 34,780,762 15,682,354 50,463,116 (6,265,069) 44,198,047
Motor Vehicles 25,099,617 (750,816) 24,348,801 - 24,348,801
Tempory Buildings - 652,082 652,082 - 652,082
Computer Softwares - - - - -
Tools - 751,640 751,640 - 751,640
566,665,821 2,583,865 569,249,687 (19,713,425) 549,536,259

Plant and Machineries 2,617,447 (1,692,880) 924,570 - 924,570
Motor Vehicles 9,106,071 (890,985) 8,215,086 - 8,215,086
11,723,518 (2,583,865) 9,139,656 - 9,139,656
578,389,339 - 578,389,343 (19,713,425) 558,675,915
As Reported Increase / As Reported

Trade and other receivables Rs. Rs. Rs.
Trade Receivables 121,640,309 - 121,640,309

Other Receivables 30,231,062 - 30,231,062
Loans Receivables - 138,198,539 138,198,539
Advance and Prepayments 6,603,379 1,879,756 8,483,135
Import Advance 1,879,756 (1,879,756) -
Amount due From Related Party 138,198,539 (138,198,539) -
298,553,045 - 298,553,045
Trade and Other Payables
Trade Payables - Related Parties (14.1) 7,052,233 - 7,052,233

'- Others 41,722,760 (38,530,671) 3,192,089
Other Payables - Related Parties (14.2) - - -
'- Others 38,715,208 - 38,715,208
Sundry Creditors Including Accrued Expenses 27,500,314 38,903,291 66,403,605
Sales Advance 372,620 (372,620) -
115,363,135 - 115,363,135
As Reported Increase / As Reported

Statement of Comprehensive Income Rs. Rs. Rs.
Revenue 1,182,009,269 - 1,182,009,269

Cost of Sales (850,356,791) 1,399,859 (848,956,932)
Other Income and Gains/(Loss) 18,811,111 (33,679,868) (14,868,757)
Business Development Cost (43,052,482) (11,156,389) (54,208,871)
Administrative Expenses (223,354,364) 9,153,369 (214,200,995)
Finance Cost (29,526,236) 603,160 (28,923,076)
Finance Income - 4,371,074 4,371,074
Exchange Gain on Conversion of Foreign Currency - 29,308,795 29,308,795
54,530,507 - 54,530,507
-25-
DETAILED INCOME STATEMENT
Statement 2016 2015

Rs. Rs.
Revenue I 1,490,956,017 1,180,649,451

Less: Cost of Sales II (1,027,705,707) (909,447,525)
Gross Profit 463,250,310 271,201,926
Add: Other Income/ (Loss) III 6,265,405 31,677,615

469,515,715 302,879,541
Less: Administrative Expenses VIII (256,355,760) (246,262,578)
Business Development Cost IX (171,713,357) (73,860,740)
Profit from Operations 41,446,598 (17,243,777)
Year ended 31 December 2006
21.3 Transactions with other related parties
Provide amounts of transactions , outstanding balances , terms and conditions including whether they are secured and (
the nature of consideration to be provided in settlement , any gurantees given or received , provisions for bad debts and
) write offs
a) Transactions with close members of the family of Key Management Personnel and
shareholders who have either control, significant influences or joint control over the Company :
The Company paid Rs --------------( 2006 Rs. -------------) as rentals and hire charges of vehicles, in respect of vehicles
. used by Key Management Personnel that are owned by close family member of Key Management Personnel
b) Transactions with entities that are controlled , jointly controlled or significantly influenced by
Key Management Personnel or their close members of family , or shareholders who have either control ,
significant influences or joint control over entity .
A Key Management Personnel has control over a limited liability company with which the Company purchased
. inventory amounting to Rs . ---------( 2006 Rs . -------) during the year
21.4 Transactions with post employment benefit plans of the Company and its related parties .
2006 2005
Rs. Rs.
Contributions made by the Company to the provident fund in respect of

Key Management Personnel compensation
Contributions made by the Company to the staff provident fund
On behalf of the trustees of the employment benefit plans , the Company personnel manage and administer
the transactions of those plans for which no charges are levied.
Sri Lanka Accounting standard 16- Employee Benefits has been revised and effective for annual financial
period beginning on or after 1 April 2007 . This revised standard requires the Company to carryout acturiual
valuations by a qualified valuer, once in three years . The company is still evaluating impact of this revised
standrad . Accordingly the accounting policy in connection with employee benefit will change to include
requirement of acturial valuation with respect of Employee Benefit of the company . The impact of this
. revised standard is not reasonably estimable, pending a full review
-557-
STATEMENT I 2016 ### 2015

Rs. Rs.
Revenue
Indirect Exports 1,490,956,017 1,180,649,451
1,490,956,017 1,180,649,451
STATEMENT II
Cost of Sales
Add: Cost of Production (Statement IV) 1,027,705,707 909,447,525
Cost of Sales 1,027,705,707 909,447,525
STATEMENT III
Other Income
Profit/ (Loss) on Disposal of Property, Plant & Equipment 6,265,405 3,436,763
6,265,405 3,436,763
STATEMENT IV
Cost of Production
Opening Raw Material 48,811,758 37,760,074
Add: Purchases (Statement V) 369,271,139 315,919,726
Stock Written Off 12,018,676 (99,104)
Less: Closing Raw Materials (32,365,186) (48,811,758)
Raw Material Consumed 397,736,387 304,768,938
Add: Direct Labour Cost (Statement VI) 395,190,620 356,968,268

Add: Direct Services Cost 34,841,857
Prime Cost 792,927,007 696,579,063
Add: Factory Overhead Cost (Statement VII) 235,952,944 213,310,743

1,028,879,951 909,889,806
Work in Progress Adjustment
Opening Work in Progress 1,442,382 1,000,101
Less: Closing Work in Progress (2,616,627) (1,442,382)
Cost of Production 1,027,705,707 909,447,525
STATEMENT V
Raw Material Purchases
Direct Raw Matterials 354,564,798 296,143,423

Indirect Raw Matterials 69,811,197 48,017,155
Volume Rebate (55,104,856) (28,240,852)
369,271,139 315,919,726
STATEMENT VI 2016 2015

Rs. Rs.
Direct Labour Cost
Factory Staff Salaries 257,576,313 220,140,838

Factory Staff EPF 26,326,797 26,816,227
Factory Staff ETF 6,581,700 6,704,057
Allowances 18,129,403 22,446,366
Overtime 54,324,916 52,260,210
Gratuity 14,307,891 10,183,176
Bonus 12,897,473 13,638,160
Annual Leave 1,459,200 1,815,788
Incentives 3,586,927 2,963,446
395,190,620 356,968,268
STATEMENT VII
2016 2015
Factory Overhead Cost Rs. Rs.
Consumable 706,163 291,898

Maintenance Cost 41,106,473 30,297,843
Depreciation 36,473,453 47,103,028
Staff Welfare 29,156,820 26,497,972
Electricity Expense 73,086,702 70,865,870
Insurance 1,940,887 1,848,831
Water 7,630,980 4,971,050
Stationery & Communication 5,114,767 5,675,687
Travellings & Transport 22,200,611 24,353,110
Stock Written Off 12,018,676 99,104
Communication 1,373,331 1,306,350
Rent Expenses 5,139,954 -
Plate Writing Charges 4,127 -
235,952,944 213,310,743
STATEMENT VIII 2016 ### 2015

Rs. Rs.
Administrative Expenses
Staff Salaries 21,219,303 27,596,917
Maintenance Cost 6,740,525 11,938,045
Insurance 601,045 801,623
Electricity Expense 16,030,968 15,167,783
Water 1,062,730 551,673
Regularity Fees 2,308,948 1,634,341
Security Charges 30,000,000 23,593,482
Administration Charges 78,000,000 56,737,763
Depreciation 53,121,802 55,639,343
EPF 3,185,864 3,351,547
ETF 796,465 837,887
Printing and Stationery Expenses 1,177,588 1,188,484
Staff Welfare (7,702,691) 3,714,797
Auditors Fee 389,370 252,000
Consultancy Fees 6,492,529 2,571,112
Postage & Courier Charges 102,336 73,820
Bonus 1,065,000 2,406,515
Bank Charges 2,888,919 1,151,971
Stamp Duty 5,250 4,975
Overtime 1,814,202 548,747
Gratuity Expenses (3,668,881) 1,209,286
Enviornmental Safety & Health Expenses 3,796,332 170,133
Rent 1,530,612 1,593,116
Allowance 1,083,798 2,515,278
Human Resource Activities 3,906,333 4,222,285
Telephone 1,174,558 1,467,717
Annual Leave 120,375 323,461
Travelling and Transport 18,473,462 13,542,848
Business Relations Expenses 408,009 310,436
Disallowed VAT - 94,588
Amortization - 7,711,954
External Labour Salaries - 3,338,651
IT Development Expenses 6,612,000 -
Loss on disposal 3,619,009 -
256,355,760 246,262,578
###
STATEMENT IX
Business Development Cost
Salary & Wages 62,199,285 19,525,311

Print Damage Charges 6,629,849 2,256,032
Transport Cost 4,336,660 5,501,580
Business Promotion 5,350,585 25,099,470
Foreign Travels -
Bad Debt Wriiten Off 3,560,843 -
Telephone 4,576,707 4,403,381
Courier Charges 817,843 1,286,524
Consumables (Product Development Expenses) 1,803,560 1,246,983
Stationery 1,501,110 1,200,203
EPF 7,461,470 2,347,008
ETF 1,865,368 586,752
Overtime 6,019,097 154,674
Bonus 5,613,999 1,699,844
Allowances 3,266,091 1,040,902
Annual Leave 154,416 48,750
Vehicle Depreciation 14,398,388 5,982,870
Gratuity 5,095,652 1,480,456
Process Improvement Expenses 17,000 -
Subsistence 37,045,435 -
171,713,357 73,860,740
1 Dr.COS Direct raw material 1,352,642 U1
Cr.Direct raw material 1,352,642 F
(being the entry for valuation for difference in inventory)
2 Dr.COS Direct material 1,421,126

Cr.Provision for slow moving stock 1,421,126
(being correction of stock writeoff J/E)
3 Dr.Interst income from AGI 421,845

Cr.Intercompany C/A AGI 421,845
(being The Entry for fair valure correction of Intercompany loan)
4 Dr.Exchange gain 538,423

Cr.Creditors 538,423
(being the entry for recording exchange gain difference)
5 Dr.lease interest expenses 72,055

Cr.Interest in suspense Cab 35,686
Cr.Interest in suspense Ambulance 36,369
(Being the entry for recognizing undercharge lease interst)
6 Dr.Telephone charges 3,252

Cr.telephone payable 3,252
(being the entry for telephone expenses march)
7 Dr.Bonus Direct Ex 227,345

Dr.Bonus Ex and supervisors 20,434
Dr.Bonus BDU 81,527
Dr.Bonus Admin 121,520
Cr.Payee Tax payable 450,826
(being the entry for Bonus payee tax payable)
8 Dr.main generator FOH 392,677

Cr.Prepayment other 392,677
9 Dr.Cash in hand 20,790

Cr.Exchange difference 20,790
(being the amount for exchange difference)
10 Dr.Motor vehicle Taxes 12,503

Cr.Payment others 12,503
(being the entry for motor vehicle taxes)
11 Dr.other payable 582,969

Cr.Extra man power 582969
(being the amount for extra man power)
12 Dr.Business development relationship 20,000

Cr.Immediate creditor 20,000
(Being the amount for business development expense)
13 Dr.salary payable 21,117

Cr.Mobile allowance 16,250
Cr.Annual leave 4867
(being the entry for mobile allowance and annual leave month of march)
14 Dr.Bonus payable Account 5,610,283

Cr.Bonus expenses Account 5,610,283
(Being the entry For bonus overprovision)
15 Dr.News papers and periodical 27,217

Cr.Immidiate creditor 27,217
(Being amountfor magazine expense)
16 Dr.Stampduty 400
Cr.Stamp duty payable 400
(being the entry for stamp duty provision)
17 Dr.direct services 123,488

Cr.Intertek testing deposit 123,488
(being the entry for intertek testing service)
18 Dr.Retained Earning 167,889

Cr.Lease interst in suspense 167,889
(Opening balance adjustment for lease interst)
19 Dr.Fixed deposit 568,957

Cr.retained Earning 568,957
(Opening balance adjustment for Exchange difference)
20 Dr.retained earning 4,005

Cr.AGI 4,005
Dr.retained earning 1,590,697
Cr.AGI 1,590,697
(Opening Exchange gain difference Adjustment)
21 Dr.C.Ex Motor vehicle 69,851

Cr.Retained Earning 69,851
(Opening balance adjustment for motor vehicle)
22 Dr.Interst recievable 230,592

Cr.Agi interst income 230,592
(Being the entry for interst undercharged for AGI)
23 Dr.FD Interest recievable 176,090

Cr.FD Interst Income 176,090
(Being the entry for unrecognized FD interst income)
24 Dr.Retained Earning 2,655,191

Cr.Accumulated Depreciation M/V 2,655,191
(Being the entry for Opening reversal of depreciation)
25 Dr.Accumulated Depreciation 2,655,191

Cr.Depreciation Mototr vehicle 2,655,191
(Being the entry for overcharged depreciation)
26 Dr.VAT Input 10,558

Cr.VAT recievable 10,558
(Being transfer of VAT input to VAT recievable)
27 Dr.SVAT Payable 588

Cr.Purchases Direct RM 588
(Being transfer of SVAT Payable to Purchases Direct RM)
28 Dr.building depreciation 1,800
Cr.Building maintenance 1,800
29 Dr.Fire depreciation 6
Cr. Maintenance Fire 6
30 Dr.Depreciation water treatment plant 12,286

Cr.Maintenance water treatment plant 12,286
31 Dr.Domestice water treatment plant 17,883

Cr.Maintenance domestic 17,883
32 Dr.maintenance chemical water treatment plant 42,228

Cr.Depreciaiton chemical water treatment plant 42,228
33 Dr.Depreciaiton flooring and partition 50

Cr.Maintenance Building 50
34 Dr.Depreciaiton office equipment 6,350

Cr.Maintennace office equiment 6,350
35 Dr.Depreciaiton Kitchen Equipment 66,695

Cr.maintennace Kitchen Equipment 66,695
36 Dr.Motor Vehicle Depreciaiton 9,604

Cr.Maintenance motor vehicle 9,604
37 Dr.Ammortization 400,000
Cr.Accumulated Ammortization 400,000
38 Dr.Accumulated Depreciaiton plant andmachinery 2,914,975

Cr.Depreciaition plant and machinery 2,914,975
39 Dr.Income tax payable 2,612,183

Cr.Income Tax expense 2,612,183
(being the entry for income tax overprovision)
40 Dr.Deffered Tax Liability 9,980,790

Cr.Deffered Tax Income 9,980,790
(Being the entry for Deffered tax reversal during the year)
41 Dr.Accumulated depreciation Motor vehicle 306,604

Cr.Motor vehicle 5,739,000
Dr.Motorvehicle on lease 4,500,000
Dr.Disposal loss 932,396
(Being the entry for recognizing disposal loss on sale and lease back transaction)
42 Dr.Accumulated Depreciation motor vehicle 40,735

Cr.Depreciation motor vehicle 40,735
(Being the entry for depreciation overcharge on sale and lease back transaction)
43 Dr.Income Tax Expense 2,612,183

Cr.ESC recievable 2,612,183
(reversal of overprovsion entry)
44 Dr.Income Tax expense 3,008,327

Cr.Income Tax Payable 3,008,327
(Being the entry for Current year income tax expense)
45 Dr.Income Tax Payable 3,008,327

Cr.ESC Recievable 1,802,232
Cr.Income Tax Advance Payment 1,206,095
(Being the entry for Income Tax payable netted off from ESC and Advance payment of income tax)
809,951
f income tax)
J/E Passed
Dr
JE 1 2010/11 Leasehold Building 404,645,953
Revaluation reserve
(Being adjustment of Revaluation of leasehold building to the revaluation surplus.)
JE 2 2011/12 Leasehold Building Err:509

Revaluation reserve
(Being adjustment of Revaluation of leasehold building to the revaluation surplus.)
JE 3 2012/13 Retirement Benefit Liability Err:509

Current Service Cost 1,207,058
Net Actuarial (Gain)/Loss recognized in year 594,710
Interest Cost
Err:509
(Being adjustment of Acturial valuation results for the financial year 2012/13)
JE 4 2012/13 Income tax expense Err:509

Deffered Tax Liability
(Being adjustment of differed tax impact on acturial valuation adjustment)
JE 5 2012/13 Income tax entries

Income Tax expenses 4,817,425
Income tax payable
(Being accounting the Income tax payable for the FY 2012/13)
JE 6 2012/13 Income tax receivable write off Err:509

Income tax receivable
(Being write off Income tax receverable amount)
JE 7 1/4/2011 Deferred tax charge 60,696,893

Deferred tax liability
(Being adjustment of deferred tax liability for the revaluation of leasehold building)
JE 8 2011/12 Deferred tax charge Err:509

Deferred tax liability
(Being adjustment of deferred tax liability for the revaluation of leasehold building)
JE 9 1/4/2011 VAT receivable write off 24,431,162

VAT receivable
(Being write off of VAT receivable amount due to non availability of evidence)
Cr
404,645,953
Err:509
3,816,153
3,816,153
Err:509
4,817,425
Err:509
60,696,893
Err:509
24,431,162
Antler Fabric Printers (Pvt) Ltd Prepared By:-MAS 24/11/2014
Y/E 31.03.2014 Reviwed By;-
Cash flow Workings
Decrease In Trade and other Recievable

As at 31/03/2013 298,553,048
As at 31/03/2014 222,084,782
Decrease In debtors 76,468,266
Decrease in In Inventories
As at 31/03/2013 56,972,520
As at 31/03/2014 46,390,231
Decrease In Inventories 10,582,289
Decrease in Trade and other payable

As at 31/03/2013 115,363,135
As at 31/03/2014 80,001,732
Decrease In Trade and other payable (35,361,403)

Antler Fabric Printers (PVT) LTD 2016

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Antler Fabric Printers (Pvt) Ltd

STATEMENT OF COMPREHENSIVE INCOME

Note 2016 2015

Revenue 3 1,490,956,017 1,180,649,451

Cost of Sales (1,027,705,707) (909,447,525)

Gross Profit 463,250,310 271,201,926

Other Income and Gains 6,265,405 3,436,763

Business Development Cost (171,713,357) (73,860,740)

Administrative Expenses (256,355,760) (246,262,578)

Finance Cost 14.1 (33,292,794) (30,610,338)

Finance Income 14.2 12,254,527 10,744,026

Exchange Gain on Conversion of Foreign Currency (2,579,085) 4,794,205

Profit/ (Loss) Before Tax 17,829,246 (60,556,736)

Income Tax Expense 16 (2,150,578) 6,972,463

Profit/ (Loss) for the Year 15,678,668 (53,584,273)

Other Comprehensive Income - -

Earnings Per Share 5.65 (19.31)

Note 2016 2015

EQUITY AND LIABILITIES

Non-Current Liabilities ###

Stated Retained Total

Balance as at 01 April 2014 99,250,000 544,065,587 643,315,587

Net Loss for the Year - (53,584,273) (53,584,273)

Balance as at 31 March 2015 99,250,000 465,201,064 564,451,064

Net Profit for the Year - 15,678,668 15,678,668

Balance as at 31 March 2016 99,250,000 450,354,733### 549,604,733

Note 2016 2015

Profit before Tax 17,829,246 (60,556,736)

(Increase) /Decrease in Inventories 10,202,845 (12,793,968)

Finance Cost Paid 14 24,739,043 (30,610,338)

Cash Flows from / (Used in) Investing Activities

Cash Flows from (Used in) Financing Activities

Net Increase/(Decrease) in Cash and Cash Equivalents (7,929,995) 1,163,834

2.5.2 Reconcilation of equity as at 1st April 2011 ( Date of transition to SLFRS )

EQUITY AND LIABILITIES

Non Current Liabilities

2.5.3 Reconcilation of equity as at 31st March 2013

EQUITY AND LIABILITIES

Non Current Liabilities

3. REVENUE 2016 2015

4. PROPERTY, PLANT AND EQUIPMENT

4.1 Gross Carrying Amounts Balance Additions Disposals/ Balance

Land 42,037,111 - 42,037,111

Assets on Finance Leases

Balance Disposals/ Balance

Other Constructions 13,268,392 8,444,668 (20,768,982) 944,078

4. PROPERTY, PLANT AND EQUIPMENT (Contd….)

4.2 Depreciation and Impairment

Buildings 109,396,280 18,576,569 (32,623) 127,940,226

Assets on Finance Leases

Total Depreciation 758,719,670 104,438,533 (93,031,716) 770,126,487

4.3 Net Book Values 2016 2015

Plant and Machineries - 6,471,990

In the Course of Construction

Other Constructions 944,078 13,268,392

4. PROPERTY, PLANT AND EQUIPMENT (Contd…)

Building 20 Years 20 Years

4.7 Property, Plant and with

5.1 Gross Carrying Amounts Balance Balance

Computer Software 28,176,956 1,346,550 29,523,506

6. LOANS RECIEVABLES As At Loans Repayments As At

Antler General Industries (Pvt) Ltd 71,980,453 - (71,980,453) - -